Arsenal manager Arsene Wenger missed out on signing Gonzalo Higuain from Real last month when the striker chose to join Napoli, as The Telegraph reported. He's been rumored as targeting a number of other high-level stars, like Luis Suarez, but to this point it's been an uneventful transfer period.

Any move for Modric seems likely to fail after Ancelotti's comments on his importance to the club, but with the current transfer window open for another month, there's time for plenty of new developments.